According to the January issue of Japanese magazine MAG-X, the Lexus GS may be cancelled after the current generation. Here is a translation courtesy of Lexus Enthusiast member White Beach, though I should point out that this rumor is unsubstantiated and possibly untrue:
And this time again we have the news about the development freeze of the vehicle of TMC. Our scoop department found out that TMC decided to suspend the development of the next generation Lexus GS…But after the close consideration/examination of its image and positioning in the lineup, TMC came to a conclusion that the GS doesn’t/won’t play a desired role in the lineup.
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